Ref Soyaoil On NCDEX Settled Up By 1.37% At 716.6

Ref Soyaoil on NCDEX settled up by 1.37% at 716.6 due to good physical demand and improved soybean prices in the domestic market. As per the latest data shared by the Solvent Extractors’ Association of India (SEA), India’s overall kharif oilseeds production is projected at 178.25 lakh tonnes (lt) for 2016-17 against 126 lt last year. Edible oil production is estimated at 7.28 million tonnes (mt) for the oil year 2016-17 (November-October) against 5.80 mt last year. The increase in oilseeds output is attributed to the higher yield of 936 kg per hectare as against 680 kg/ha. Acreage has increased from 185.19 lakh hectares to 190.31 lakh hectares. In 2016-17, total domestic edible oil production is estimated to come in at 7.28 mt against 5.80 mt last year.